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Note 9 - Subsequent Events
 9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Subsequent Events [Text Block]
9
.
Subsequent Events
 
On
October 7, 2020
the Company repaid
$35,060
to a
third
party to cancel a previous unexecuted subscription for
35,200
shares of Common Stock dated
May 24, 2018,
which shares were
not
issued.
 
On
October 14, 2020
the Company entered into a subscription agreement to sell
12,820
shares of Common Stock at
$1.95
per share, to a
third
party, for aggregate consideration of
$24,999.
 
On
October 15, 2020
the Company entered into subscription agreements to sell
77,300
shares of Common Stock at
$1.95
per share, to a
third
party, for aggregate consideration of
$150,735.
 
On
November 3, 2020
the Company entered into subscription agreements to sell
25,641
shares of Common Stock at
$1.95
per share, to a
third
party, for aggregate consideration of
$49,996.
 
On
November 12, 2020,
the Company executed a Loan Agreement with certain Lenders and FVP Servicing LLC, as agent for the Lenders in connection with the issuance of a Note in the amount of
$1,000,000
bearing interest at
12%
per annum with an initial maturity of
November 12, 2022.
Simultaneously, with the execution of the Loan Agreement, the Company also entered into an agreement with an affiliate of FVP to provide certain credit and debit card processing services for the Company, which services will continue for a period of
one
year after the loan is repaid and contains a right of
first
refusal to continue to provide such services in the future subject to certain limitations. Mr. Kepler executed a guaranty in favor of FVP in connection with the loan. Proceeds from the loan will be to repay an existing secured note payable in the amount of
$100,000
along with accrued interest, certain outstanding trade payables in the amount of
$133,880
and for general working capital purposes. In addition, the Company granted the Lender a security interest in substantially all of its assets.
 
On
November 12, 2020
the holders of certain amended and restated convertible promissory notes dated
June 23, 2020
elected to convert obligations under such notes in the aggregate principal amotun of
$100,000
into Common Stock.